New York Home Insurance Reviews 2014: 20 Major Companies & Their Three-Year Complaint Ratings

The home you own is most people’s biggest investment, so you want to make sure you protect it properly, by choosing the right coverage with a good homeowners insurance company, having a reputation for acceptable customer service, and a consistent history of maintaining a better than average complaint record each year. To accomplish this goal, you need to know the major companies offering home insurance in your state and their complaint information. This review will show you twenty major insurance companies insuring residential property in New York, and each company’s complaint ratings, based on home (homeowners/condo/renters/mobile home) insurance complaints filed with the New York insurance department for the last 3 years of 2010, 2011, 2012, & 2013. Continue reading

Continuous Prior Home Insurance Saves You Money

One of the factors used to get you lower homeowners insurance rates and additional discounts is the length of your prior continuous home insurance history. An important time to shop for lower home insurance rates are when you have one year, three years, & five years or more of current continuous insurance coverage. However, sometimes customers don’t get the proper credit for the length of their continuous insurance history. My blog post today will give you tips to avoid mistakes & make sure the insurance companies quoting you give you the lowest price for which you qualify. Continue reading

Georgia Home Insurance Reviews: Customer Satisfaction Ratings Ranking 16 Major Companies

Does your homeowners insurance company have a large amount of customer complaints? Will you have problems placing a claim, or have a valid claim delayed or denied? Is your company any good? Most consumers fail to check the complaint records of their insurance companies. This blog post ranks 16 of the largest Georgia home insurance companies based on their 2011 JD Power customer satisfaction ratings, and links to a review with each insurance company’s complaint record. Find out the best & worst companies. Continue reading

Personal Liability Coverage: Slander, Libel, Defamation of Character, & More

Most people know they have personal liability insurance coverage on their home / condo / mobile home / renters insurance to protect them and their family from lawsuits if someone gets injured on their home property.

This liability coverage extends to the non-business activities for you and your resident family members, too. For example, your son accidentally injures a playmate while playing a pick-up game of baseball.

But what coverage do you have if someone sues you for libel for something your teenager said about them on the Internet? The basic homeowners, renters, condo, or mobile home insurance policy does not cover you in this situation.

Did you know, for a few dollars more a year, you can protect you and your family from lawsuits arising from false arrest, false imprisonment, wrongful eviction, wrongful detention, malicious prosecution, libel, slander, defamation of character or invasion of rights of privacy? Continue reading

Loss Assessment Coverage

If you are a home owner belonging to a homeowners association or condo association, you most likely do not have enough of an important optional insurance coverage on your home insurance or condo insurance policy, called loss assessments coverage, which can cost you tens of thousands of dollars, if not more.

Here is what could happen:

A visitor to your condo complex slips on your stairs or walkway, or in a common area, like a green way, club house, or playground, controlled by your home owners association. The visitor’s injuries from the fall are serious. The visitor sues your condo/home association, and the visitor is awarded a 1.2 million legal settlement.

Your association’s insurance policy has a one million dollar limit, leaving the association to pay the remaining $200,000. Per the association by-laws, the association assesses each home owner, in this case 20 owners, an equal portion of the amount owed due to the lawsuit. As an owner, bound by the rules of your association, you must pay a $10,000 special assessment.

Many condo insurance policies will cover this assessment only up to $1,000, and if you have a single family home, your homeowners insurance may not cover it at all. How much would you have to pay out of your own pocket if the injured visitor was awarded  5 million dollars? You might have to file bankruptcy.

Usually, you can get additional loss assessment coverage up to 50,000. Some insurance companies may offer as much as $100,000. Purchasing this extra coverage is inexpensive, and can cost less than $20 more a year.

I know from my experience working in the insurance industry, many agents or insurance companies do not discuss the importance of having enough loss assessments coverage, when selling you a condo insurance policy. They won’t include anything more than the basic $1,000 amount, if it is automatically included in the basic policy. Some insurance companies fail to do this because they do not offer increased dollar limits of loss assessment coverage.

It is even worse for single family home owners belonging to homeowners associations, where few agents will ask you if you are a member of a homeowners association. The need for loss assessment coverage is often ignored by insurance companies & agents, and  customers don’t know to ask about it.

As an insurance buyer, it is up to you to educate yourself on what insurance coverage you need. Some insurance agents are very good with helping you decide on insurance coverage, but even good insurance agents sometimes let important coverage slip through the cracks.

Loss assessments coverage varies among insurance companies, so be sure to have agents explain the difference as you shop for the insurance coverage you need.

Loss assessments coverage does not cover all special assessments a condo or home association may assess you. Particularly, condo associations will have special assessments to pay for unplanned repairs & maintenance due to wear & tear, or construction defects. These things are not covered by loss assessments coverage.

For a loss assessment to be covered, the loss must be something covered under your individual home or condo insurance policy, and the assessment must be assessed to all owners.

For example, if your association owns a clubhouse, and the clubhouse burns to the ground. Fire is covered under your individual policy, so a loss assessment connected to the fire burning down the clubhouse will be covered.

However, if the clubhouse is leveled by an earthquake, and you don’t have additional earthquake coverage on your individual insurance policy, a loss assessment would not be covered.

Loss assessments coverage usually limits assessments due to your association insurance policy deductible, which can be very large, so you want to know what your share of the deductible will be, and how much coverage your loss assessment coverage provides.

You want to make sure lawsuits for bodily injury & property damage to others is covered by your loss assessments coverage, as described in the example used in the beginning of this blog post.

Some insurance companies offer broader coverage, and will extend coverage to loss assessments due to negligence or acts of the board of directors in conducting their duties, libel, slander, wrongful eviction, and other causes.

The need for having loss assessment coverage does not come up frequently, but if it does, it can cost you a lot of money by not having the proper amount of coverage.

Because most people never need it, many people, and unfortunately, a lot of insurance agents, don’t realize how much it costs to not have it, in the unlikely event they need it.

For a few dollars more a year, don’t take the chance you won’t need it. It’s easy to think you will never need it, and save a few bucks. That’s why many people are out tens of thousands of dollars, if not more, when something that won’t happen, happens to them.

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